The Oklahoma Earned Wage Access Services Act establishes a regulatory framework for earned wage access services in the state. It mandates that the Department of Consumer Credit administer and enforce the act, requiring providers of these services to obtain a license and adhere to specific operational guidelines. The act defines key terms such as "earned but unpaid income," "consumer-directed wage access service," and "earned wage access services provider," and outlines the responsibilities of providers, including the need to report transactions and maintain a database of consumers with outstanding proceeds. Additionally, it sets forth the fees associated with licensing and the conditions under which services can be offered, ensuring transparency and consumer protection.

The act also prohibits certain practices by providers, such as sharing fees with employers, requiring credit reports for eligibility, and imposing late fees or penalties for non-payment. It clarifies that the services provided under this act do not constitute loans or credit, and any fees or voluntary tips are not considered interest. The legislation is designed to protect consumers while allowing for the provision of earned wage access services, and it will take effect on November 1, 2026.